AmeriServ Trust and Financial Services Company is a trust
company organized under Pennsylvania law in October 1992. As one
of the larger providers of trust and investment management
products and services between Pittsburgh and Harrisburg,
AmeriServ Trust and Financial Services Company is committed to
delivering personalized, professional service to its clients.
Its staff of approximately 39 professionals administer assets
valued at approximately $1.9 billion at December 31,
2007. The Trust Company has two primary business divisions,
traditional trust and union collective investment funds.
Traditional trust includes personal trust products and services
such as personal portfolio investment management, estate
planning and administration, custodial services and pre-need
trusts. Also, institutional trust products and services such as
401(k) plans, defined benefit and defined contribution employee
benefit plans, and individual retirement accounts are included
in this division. The union collective investment funds, namely
the ERECT and BUILD Funds, are designed to invest union pension
dollars in construction projects that utilize union labor. At
December 31, 2007, AmeriServ Trust and Financial Services
had total assets of $2.9 million and total
shareholders equity of $2.7 million. The
Trust Company is subject to regulation and supervision by
the Federal Reserve Bank of Philadelphia and the Pennsylvania
Department of Banking.

The diversification of the revenue-generating divisions within
the trust company is one of the primary reasons for its
successful profitable growth. The specialized union collective
funds have attracted several international labor unions as
investors as well as many local unions from a number of states.
At the end of 2007, assets in these union funds totaled
approximately $415 million.

The Trust Investment Division focuses on producing
better-than-average
investment returns by offering an array of individually managed
accounts and several asset allocation disciplines utilizing
non-proprietary mutual funds. In addition, the Tactical High
Yield Bond Fund, the Pathroad Funds and the Premier Equity
Discipline are examples of the Investment Divisions
ability to respond to the needs and expectations of our clients.
The diversified array of investment options, experienced staff
and good investment returns facilitate client retention and the
development of new clients.

In 2007, the Trust Company continued to be a major
contributor of earnings to the corporation. Gross revenue in
2007 amounted to $6.9 million which represents an increase
of $248,000 or 3.7% over 2006. The Trust Companys net
income contribution was $1.7 million, an increase of
$135,000 or 8.7% over 2006.

AmeriServ
Life

AmeriServ Life is a captive insurance company organized under
the laws of the State of Arizona. AmeriServ Life engages in
underwriting as reinsurer of credit life and disability
insurance within the Companys market area. Operations of
AmeriServ Life are conducted in each office of the
Companys banking subsidiary. AmeriServ Life is subject to
supervision and regulation by the Arizona Department of
Insurance, the Insurance Department of the

Commonwealth of Pennsylvania, and the Federal Reserve. At
December 31, 2007, AmeriServ Life had total assets of
$1.1 million and total shareholders equity of
$939,000.

AMERISERV FINANCIAL NON-BANKING SUBSIDIARIES

AmeriServ Trust and Financial Services Company

AmeriServ Trust and Financial Services Company is a trust company organized under Pennsylvania law in October 1992. As one of the larger providers of trust and investment management products and services between Pittsburgh and Harrisburg, AmeriServ Trust and Financial Services Company is committed to delivering personalized, professional service to its clients. Its staff of approximately 39 professionals administer assets valued at approximately $1.9 billion at December 31, 2007. The Trust Company has two primary business divisions, traditional trust and union collective investment funds. Traditional trust includes personal trust products and services such as personal portfolio investment management, estate planning and administration, custodial services and pre-need trusts. Also, institutional trust products and services such as 401(k) plans, defined benefit and defined contribution employee benefit plans, and individual retirement accounts are included in this division. The union collective investment funds, namely the ERECT and BUILD Funds, are designed to invest union pension dollars in construction projects that utilize union labor. At December 31, 2007, AmeriServ Trust and Financial Services had total assets of $2.9 million and total shareholders equity of $2.7 million. The Trust Company is subject to regulation and supervision by the Federal Reserve Bank of Philadelphia and the Pennsylvania Department of Banking.

The diversification of the revenue-generating divisions within the trust company is one of the primary reasons for its successful profitable growth. The specialized union collective funds have attracted several international labor unions as investors as well as many local unions from a number of states. At the end of 2007, assets in these union funds totaled approximately $415 million.

The Trust Investment Division focuses on producingbetter-than-average investment returns by offering an array of individually managed accounts and several asset allocation disciplines utilizing non-proprietary mutual funds. In addition, the Tactical High Yield Bond Fund, the Pathroad Funds and the Premier Equity Discipline are examples of the Investment Divisions ability to respond to the needs and expectations of our clients. The diversified array of investment options, experienced staff and good investment returns facilitate client retention and the development of new clients.

In 2007, the Trust Company continued to be a major contributor of earnings to the corporation. Gross revenue in 2007 amounted to $6.9 million which represents an increase of $248,000 or 3.7% over 2006. The Trust Companys net income contribution was $1.7 million, an increase of $135,000 or 8.7% over 2006.

AmeriServ Life

AmeriServ Life is a captive insurance company organized under the laws of the State of Arizona. AmeriServ Life engages in underwriting as reinsurer of credit life and disability insurance within the Companys market area. Operations of AmeriServ Life are conducted in each office of the Companys banking subsidiary. AmeriServ Life is subject to supervision and regulation by the Arizona Department of Insurance, the Insurance Department of the

AmeriServ Trust and Financial Services Company is a
trust company organized under Pennsylvania law in October 1992. The Trust
Company offers a complete range of trust and financial services and has $1.1
billion in assets under management. The Trust Company also offers the ERECT and
BUILD Funds which are collective investment funds for trade union controlled
pension fund assets. At December 31, 2003, AmeriServ Trust and Financial
Services had total assets of $1.6 million and total shareholders equity of
$1.2 million.

AmeriServ Life

AmeriServ Life is a captive insurance company
organized under the laws of the State of Arizona. AmeriServ Life engages in
underwriting as reinsurer of credit life and disability insurance within the Companys
market area. Operations of AmeriServ Life are conducted in each office of the
Companys banking subsidiary. AmeriServ Life is subject to supervision and
regulation by the Arizona Department of Insurance, the Insurance Department of
the Commonwealth of Pennsylvania, and the Federal Reserve. At December 31,
2003, AmeriServ Life had total assets of $1.9 million and total shareholders
equity of $1.2 million.

AmeriServ
Associates

AmeriServ Associates is a registered investment
advisory firm that administers investment portfolios, offers operational
support systems and provides asset and liability management services to small
and mid-sized financial institutions. At December 31, 2003, AmeriServ
Associates had total assets of $346,000 and total shareholders equity of
$266,000.